Walgreens – Palmetto Bay, FL

Surmount is pleased to exclusively present for sale this absolute net-leased Walgreens located at 16795 S. Dixie Highway in Palmetto Bay, Florida. Positioned along U.S. Highway 1, a major thoroughfare traversing the state, the property is just 25 miles south of Downtown Miami, offering excellent visibility and accessibility. The subject property features a 13,000-square-foot free-standing building with a drive thru, situated on a large 1.15-acre parcel of land.
Strategically located at the hard signalized intersection of SW 168th Street and US Highway 1, this property enjoys exceptional visibility to over 69,200 vehicles daily traveling along this major thoroughfare. US-1 serves as a vital retail corridor in Palmetto Bay, characterized by a diverse mix of national and regional tenants, robust consumer traffic, and proximity to affluent residential neighborhoods. The corridor anchors significant commercial activity, making it a prime destination for shopping, dining, and services in the area.
This Walgreens is situated within a dense and affluent market, with more than 117,273 full-time residents within a 3-mile radius and an average household income exceeding $117,812. The immediate trade area features a strong mix of high-profile national and regional tenants, including El Car Wash, Taco Bell, 7-Eleven, Tires Plus, Burger King, Krispy Kreme, Dunkin’, Marshalls, McDonald’s, and more. Additionally, the area has a high concentration of car dealerships that further drive traffic to the site, including Land Rover of South Dade, Lamborghini South Dade, Infiniti of South Miami, Miami Acura, Volkswagen, and others.
The property is also conveniently located near Jackson South Medical Center, a leading healthcare facility with 230 beds, offering comprehensive medical services to the community. Additionally, Baptist Health Urgent Care | Palmetto Bay is situated nearby, enhancing the area’s appeal as a healthcare hub.
Walgreens entered into a brand-new 25-year absolute net ground lease in 2007, with the initial term extending through January 31, 2032. The lease includes ten five-year renewal options, featuring attractive rent increases, providing long-term stability and income growth potential.
Walgreens Boots Alliance (NASDAQ: WBA) is a publicly traded company and a leading retail pharmacy chain in the United States. In fiscal year 2024, Walgreens reported revenues of $147.66 billion, a 6.17% increase from the previous year, demonstrating its substantial market presence. The company operates approximately 12,712 stores across all 50 states, the District of Columbia, Puerto Rico, and Guam, employing around 312,000 people. Beyond its retail operations, Walgreens manages worksite health centers, home care facilities, and specialty and mail-service pharmacies, underscoring its diversified role in the healthcare sector.